Consistent Basis Reporting Between Estate and Person Acquiring Property From Decedent; Hearing, 38637-38638 [2016-14010]
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Federal Register / Vol. 81, No. 114 / Tuesday, June 14, 2016 / Proposed Rules
Question 33. How should the CA reflect
off-balance-sheet exposures?
Question 34. Under what circumstances
should U.S. GAAP be used or adjusted to
determine the exposure amount of insurance
liabilities under the CA?
Factors. The CA would involve a set
of Board-determined factors to be
applied to the exposure amounts of
assets, insurance liabilities, and offbalance-sheet items in each risk
segment. The factor for each risk
segment would reflect the riskiness of
the segment and the capital required to
support that risk. Because of the
different liability structures between
insurance companies and banks, some
of the applicable insurance risk factors
may differ from the analogous risk
factors that apply to banks.
Question 35. What considerations should
the Board apply in determining the various
factors to be applied to the amounts in the
risk segments in the CA?
Question 36. What challenges are there in
determining risk factors for global risks?
Minimum ratio. The CA would
require the establishment of a minimum
ratio of consolidated qualifying capital
to consolidated factor-weighted
exposures in the CA. In addition, one or
more definitions of capital adequacy
(e.g., ‘‘well capitalized’’ or ‘‘adequately
capitalized’’) would be needed for early
remediation and other supervisory
purposes.
sradovich on DSK3TPTVN1PROD with PROPOSALS
Question 37. What criteria should the
Board consider in developing the minimum
capital ratio under the CA and definitions of
a ‘‘well-capitalized’’ or ‘‘adequately
capitalized’’ insurance institution?
C. Other Assessed Frameworks
In developing the two general
approaches discussed here, the Board
considered a number of other potential
regulatory capital frameworks that did
not appear to meet the Board’s
supervisory objectives for supervised
institutions significantly engaged in
insurance activities. For example,
consideration was given to applying a
risk-based capital rule that is based
solely on the Board’s existing capital
requirements for banking organizations
(Regulation Q) to supervised institutions
significantly engaged in insurance
activities. Such an approach would not
recognize the unique risks, regulation,
and balance sheet composition of
insurance firms. Although bank-like
capital requirements may be appropriate
for exposures that a supervised
institution significantly engaged in
insurance activities holds in a noninsurance subsidiary, an approach based
solely on the Board’s Regulation Q
would not capture significant insurance
risks. The Board is not aware of any
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major country that imposes bank capital
requirements on insurance firms.
The Board also reviewed an approach
that entirely excluded insurance
subsidiaries and applied capital
requirements only to the non-insurance
parts of the supervised firm. This
approach would, by definition, not
capture all the material risks of the
organization. While section 171 of the
Dodd-Frank Act, as amended, permits
the Board to exclude state and foreign
regulated insurance entities in
establishing minimum consolidated
leverage and risk-based capital
requirements, the parent holding
company should be a source of capital
strength to the entire entity, including to
the subsidiary insurance companies and
IDIs. To do this effectively, a
consolidated capital requirement must
take into account the risks within the
consolidated organization, including
insurance risks.
A capital approach based on the
European Solvency II framework was
considered, but would not appear to be
appropriate for systemically important
insurance companies and insurance
depository institution holding
companies in the United States.20 Use of
a Solvency II-based capital framework
would not adequately account for U.S.
GAAP and may introduce excessive
volatility due to discount rate
assumptions. Moreover, use of a
Solvency II-based approach would
involve excessive reliance on internal
models. Internal models make crossfirm comparisons difficult and can lack
transparency to supervisors and market
participants. Additionally, such an
approach would not be executable in
the short-to-medium term; the notable
challenges of the Solvency II regime
have resulted in significantly extended
implementation periods in various
European jurisdictions.
The Board also analyzed a potential
regulatory capital framework for
supervised institutions significantly
engaged in insurance activities that is
based on internal stress testing. This
approach would rely on internal
models, be highly novel and complex,
would entail a large and lengthy
construction project, and would require
a substantial dedication of supervisory
resources to superintend. The Board
intends to continue exploration of
internal stress testing as it builds its
supervisory stress testing program for
systemically important insurance
companies and its broader supervision
program for supervised institutions
20 See Council Directive 2009/138, On the TakingUp and Pursuit of the Buisness of Insurance and
Reinsurance (Solvency II), 2009 O.J. (L 335) 1 (EC).
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38637
significantly engaged in insurance
activities.
Question 38. Should the Board reevaluate
any of these approaches? What additional
consideration, if any, should the Board give
to any of the regulatory capital approaches
discussed above?
III. Conclusion
The Board is seeking information on
all aspects of its approaches to
insurance regulatory capital and invites
comment on the appropriate
consolidated capital requirements for
systemically important insurance
companies and insurance depository
institution holding companies. In
addition, the Board invites comment on
all of the questions set forth in this
ANPR, as well as other issues that
commenters may wish to raise.
In connection with this ANPR, the
Board will review all comments
submitted and supplementary
information provided, as well as
information regarding insurance
regulatory capital derived from the
Board’s regulatory and supervisory
activities. Once the Board has
completed its review, the Board
anticipates that it will issue a notice of
proposed rulemaking to establish a
regulatory capital framework for
supervised institutions significantly
engaged in insurance activities.
By order of the Board of Governors of the
Federal Reserve System, June 9, 2016.
Robert deV. Frierson,
Secretary of the Board.
[FR Doc. 2016–14004 Filed 6–13–16; 8:45 am]
BILLING CODE 6210–01–P
DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Parts 1 and 301
[REG–127923–15]
RIN 1545–BM97
Consistent Basis Reporting Between
Estate and Person Acquiring Property
From Decedent; Hearing
Internal Revenue Service (IRS),
Treasury.
ACTION: Notice of public hearing on
proposed rulemaking.
AGENCY:
This document provides
notice of public hearing on the proposed
regulations that provide guidance
regarding the requirement that a
recipient’s basis in certain property
acquired from a decedent be consistent
with the value of the property as finally
SUMMARY:
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sradovich on DSK3TPTVN1PROD with PROPOSALS
38638
Federal Register / Vol. 81, No. 114 / Tuesday, June 14, 2016 / Proposed Rules
determined for Federal estate tax
purposes.
DATES: The public hearing is being held
on Monday, June 27, 2016 at 10:00 a.m.
The IRS must receive outlines of the
topics to be discussed at the public
hearing by Monday, June 20, 2016.
ADDRESSES: The public hearing is being
held in the IRS Auditorium, Internal
Revenue Service Building, 1111
Constitution Avenue NW., Washington,
DC 20224. Due to building security
procedures, visitors must enter at the
Constitution Avenue entrance. In
addition, all visitors must present photo
identification to enter the building.
Send Submissions to CC:PA:LPD:PR
(REG–127923–15), Room 5205, Internal
Revenue Service, P.O. Box 7604, Ben
Franklin Station, Washington, DC
20044. Submissions may be handdelivered Monday through Friday to
CC:PA:LPD:PR (REG–127923–15),
Couriers Desk, Internal Revenue
Service, 1111 Constitution Avenue NW.,
Washington, DC 20224 or sent
electronically via the Federal
eRulemaking Portal at
www.regulations.gov (IRS–2016–0010).
FOR FURTHER INFORMATION CONTACT:
Concerning the regulations, Theresa M.
Melchiorre at (202) 317–6859;
concerning submissions of comments,
the hearing and/or to be placed on the
building access list to attend the hearing
Regina Johnson at (202) 317–6901 (not
toll-free numbers).
SUPPLEMENTARY INFORMATION: The
subject of the public hearing is the
notice of proposed rulemaking (REG–
127923–15) that was published in the
Federal Register on Friday, March 4,
2016 (81 FR 11486).
The rules of 26 CFR 601.601(a)(3)
apply to the hearing. Persons who wish
to present oral comments at the hearing
that submitted written comments by
June 20, 2016 must submit an outline of
the topics to be addressed and the
amount of time to be devoted to each
topic by Monday, June 20, 2016.
A period of 10 minutes is allotted to
each person for presenting oral
comments. After the deadline for
receiving outlines has passed, the IRS
will prepare an agenda containing the
schedule of speakers. Copies of the
agenda will be made available, free of
charge, at the hearing or in the Freedom
of Information Reading Room (FOIA RR)
(Room 1621) which is located at the
11th and Pennsylvania Avenue NW.,
entrance, 1111 Constitution Avenue
NW., Washington, DC 20224.
Because of access restrictions, the IRS
will not admit visitors beyond the
immediate entrance area more than 30
minutes before the hearing starts. For
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16:37 Jun 13, 2016
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information about having your name
placed on the building access list to
attend the hearing, see the FOR FURTHER
INFORMATION CONTACT section of this
document.
DHS Department of Homeland Security
FR Federal Register
NPRM Notice of proposed rulemaking
§ Section
U.S.C. United States Code
Martin V. Franks,
Chief, Publications and Regulations Branch,
Legal Processing Division, Associate Chief
Counsel (Procedure and Administration).
II. Background, Purpose, and Legal
Basis
On March 10, 2016, The Patriots Point
Maritime Museum notified the Coast
Guard that it will be conducting a
fireworks display from 9 p.m. to 9:30
p.m. on July 4, 2016. The fireworks are
to be launched from a barge along the
bank of the Cooper River at Patriots
Point in Charleston, SC. Hazards from
firework displays include accidental
discharge of fireworks, dangerous
projectiles, and falling hot embers or
other debris. The Captain of the Port
Charleston (COTP) has determined that
potential hazards associated with the
fireworks to be used in this display
would be a safety concern for anyone
within a 500-yard radius of the barge.
The purpose of this rulemaking is to
ensure the safety of vessels and the
navigable waters within a 500-yard
radius of the fireworks barge before,
during, and after the scheduled event.
The Coast Guard proposes this
rulemaking under authority in 33 U.S.C.
1231.
[FR Doc. 2016–14010 Filed 6–13–16; 8:45 am]
BILLING CODE 4830–01–P
DEPARTMENT OF HOMELAND
SECURITY
Coast Guard
33 CFR Part 165
[Docket Number USCG–2016–0224]
RIN 1625–AA00
Safety Zone; Fourth of July Fireworks
Patriots Point, Charleston, SC
Coast Guard, DHS.
Notice of proposed rulemaking.
AGENCY:
ACTION:
The Coast Guard proposes to
establish a temporary safety zone in the
navigable waters of Charleston, SC. This
safety zone is necessary to protect the
public from hazards associated with
launching fireworks over navigable
waters of the United States. This
proposed rulemaking would prohibit
persons and vessels from being in the
safety zone unless authorized by the
Captain of the Port Charleston or a
designated representative. We invite
your comments on this proposed
rulemaking.
SUMMARY:
Comments and related material
must be received by the Coast Guard on
or before June 29, 2016.
ADDRESSES: You may submit comments
identified by docket number USCG–
2016–0224 using the Federal
eRulemaking Portal at https://
www.regulations.gov. See the ‘‘Public
Participation and Request for
Comments’’ portion of the
SUPPLEMENTARY INFORMATION section for
further instructions on submitting
comments.
DATES:
If
you have questions about this proposed
rulemaking, call or email Lieutenant
John Downing, Sector Charleston Office
of Waterways Management, Coast
Guard; telephone (843) 740–3184, email
John.Z.Downing@uscg.mil.
SUPPLEMENTARY INFORMATION:
FOR FURTHER INFORMATION CONTACT:
I. Table of Abbreviations
CFR
PO 00000
Code of Federal Regulations
Frm 00029
Fmt 4702
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III. Discussion of Proposed Rule
The COTP proposes to establish a
safety zone from 8:45 p.m. to 9:45 p.m.
on July 4, 2016. The safety zone would
cover all navigable waters within 500
yards of the barge located at Patriots
Point on the Cooper River. The duration
of the zone is intended to ensure the
safety of vessels and these navigable
waters before, during, and after the
scheduled 9 p.m. to 9:30 p.m. fireworks
display. No vessel or person would be
permitted to enter the safety zone
without obtaining permission from the
COTP or a designated representative.
The regulatory text we are proposing
appears at the end of this document.
IV. Regulatory Analyses
We developed this proposed rule after
considering numerous statutes and
Executive orders related to rulemaking.
Below we summarize our analyses
based on a number of these statutes and
Executive orders and we discuss First
Amendment rights of protestors.
A. Regulatory Planning and Review
Executive Orders 12866 and 13563
direct agencies to assess the costs and
benefits of available regulatory
alternatives and, if regulation is
necessary, to select regulatory
approaches that maximize net benefits.
Executive Order 13563 emphasizes the
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]]>Agencies
[Federal Register Volume 81, Number 114 (Tuesday, June 14, 2016)]
[Proposed Rules]
[Pages 38637-38638]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-14010]
=======================================================================
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Parts 1 and 301
[REG-127923-15]
RIN 1545-BM97
Consistent Basis Reporting Between Estate and Person Acquiring
Property From Decedent; Hearing
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Notice of public hearing on proposed rulemaking.
-----------------------------------------------------------------------
SUMMARY: This document provides notice of public hearing on the
proposed regulations that provide guidance regarding the requirement
that a recipient's basis in certain property acquired from a decedent
be consistent with the value of the property as finally
[[Page 38638]]
determined for Federal estate tax purposes.
DATES: The public hearing is being held on Monday, June 27, 2016 at
10:00 a.m. The IRS must receive outlines of the topics to be discussed
at the public hearing by Monday, June 20, 2016.
ADDRESSES: The public hearing is being held in the IRS Auditorium,
Internal Revenue Service Building, 1111 Constitution Avenue NW.,
Washington, DC 20224. Due to building security procedures, visitors
must enter at the Constitution Avenue entrance. In addition, all
visitors must present photo identification to enter the building.
Send Submissions to CC:PA:LPD:PR (REG-127923-15), Room 5205,
Internal Revenue Service, P.O. Box 7604, Ben Franklin Station,
Washington, DC 20044. Submissions may be hand-delivered Monday through
Friday to CC:PA:LPD:PR (REG-127923-15), Couriers Desk, Internal Revenue
Service, 1111 Constitution Avenue NW., Washington, DC 20224 or sent
electronically via the Federal eRulemaking Portal at
www.regulations.gov (IRS-2016-0010).
FOR FURTHER INFORMATION CONTACT: Concerning the regulations, Theresa M.
Melchiorre at (202) 317-6859; concerning submissions of comments, the
hearing and/or to be placed on the building access list to attend the
hearing Regina Johnson at (202) 317-6901 (not toll-free numbers).
SUPPLEMENTARY INFORMATION: The subject of the public hearing is the
notice of proposed rulemaking (REG-127923-15) that was published in the
Federal Register on Friday, March 4, 2016 (81 FR 11486).
The rules of 26 CFR 601.601(a)(3) apply to the hearing. Persons who
wish to present oral comments at the hearing that submitted written
comments by June 20, 2016 must submit an outline of the topics to be
addressed and the amount of time to be devoted to each topic by Monday,
June 20, 2016.
A period of 10 minutes is allotted to each person for presenting
oral comments. After the deadline for receiving outlines has passed,
the IRS will prepare an agenda containing the schedule of speakers.
Copies of the agenda will be made available, free of charge, at the
hearing or in the Freedom of Information Reading Room (FOIA RR) (Room
1621) which is located at the 11th and Pennsylvania Avenue NW.,
entrance, 1111 Constitution Avenue NW., Washington, DC 20224.
Because of access restrictions, the IRS will not admit visitors
beyond the immediate entrance area more than 30 minutes before the
hearing starts. For information about having your name placed on the
building access list to attend the hearing, see the FOR FURTHER
INFORMATION CONTACT section of this document.
Martin V. Franks,
Chief, Publications and Regulations Branch, Legal Processing Division,
Associate Chief Counsel (Procedure and Administration).
[FR Doc. 2016-14010 Filed 6-13-16; 8:45 am]
BILLING CODE 4830-01-P
